XML 32 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6
Borrowings
3 Months Ended
Mar. 31, 2012
Debt Disclosure [Abstract]  
Borrowings
Borrowings
Federal Home Loan Bank Advances
Advances payable to the FHLBB amounted to $504.9 million at March 31, 2012 and $540.5 million at December 31, 2011. In addition to the outstanding advances, the Bank also has access to an unused line of credit with the FHLBB amounting to $8.0 million at March 31, 2012.  Under agreement with the FHLBB, the Bank is required to maintain qualified collateral, free and clear of liens, pledges, or encumbrances that, based on certain percentages of book and fair values, has a value equal to the aggregate amount of the line of credit and outstanding advances.  The FHLBB maintains a security interest in various assets of the Corporation including, but not limited to, residential mortgage loans, commercial mortgages and other commercial loans, U.S. government agency securities, U.S. government-sponsored enterprise securities, and amounts maintained on deposit at the FHLBB.  The Corporation maintained qualified collateral in excess of the amount required to collateralize the line of credit and outstanding advances at March 31, 2012.  Included in the collateral were securities available for sale and held to maturity with a fair value of $331.2 million and $320.8 million, respectively, which were specifically pledged to secure FHLBB borrowings at March 31, 2012 and December 31, 2011.  See Note 5 for discussion on loans pledged as collateral for FHLBB borrowings.  Unless there is an event of default under the agreement, the Corporation may use, encumber or dispose any portion of the collateral in excess of the amount required to secure FHLBB borrowings, except for that collateral which has been specifically pledged.

Other Borrowings
Securities sold under repurchase agreements amounted to $19.5 million at December 31, 2011. The securities sold under repurchase agreements were executed in March 2007 and matured in March 2012.  The securities underlying the agreements were held in safekeeping by the counterparty in the name of the Corporation and repurchased at maturity.